It’s no secret that the construction industry took an economic hit during the Great Recession. Many key industries to the American economy are still fighting to recover, and as a result, there are a variety of cost-effective initiatives established to guarantee the financial welfare of a post-recession company. However, risk taking is always an important part in any company’s growth, therefore cutting costs and taking the normal route can sometimes impair financial growth. After all, successful companies did not emerge by following the same guidelines their counterparts did.
Madden Industrial Craftsmen, leaders in construction staffing in Vancouver, help you assess and create a plan for handling risky construction projects.
Taking an educated stance on what might be deemed uncertain is a smart way to get ahead while making sure your company can withstand any calculated risk. In an industry where risk is always looming, construction companies need to face risk with an educated viewpoint.
A few suggestions on taking the risk out of risky business decisions:
Consider the value of a challenge. Staying inside a comfort zone only yields the same results, and if different results are desired, then it is up to a company to create a new environment. Taking on daunting projects can create a learning opportunity for all involved. Learning new skills and overcoming challenges shape us as workers and as individuals, so it is important to embrace feasible challenge as often as possible.
Maintain core principles. Different forms of risk are involved in every construction project, no matter how big or small. What is important when facing these risks is determining how your company can stay true to its ethical and moral core while facing multiple uncertainties. If a potential project threatens these values, it is not a risk worth taking.
If it’s entirely too risky, just say no. While risks are certainly worth taking, significant cost increase and unreasonable deadlines are examples of possible situations that would hinder the company instead of helping it. Making educated assessments of possible risks before diving into them will save you unnecessary headaches.
The safety of your companies’ finances and employees should always take precedence above anything else. Before swearing to completely commit to risky projects because of a need for change, consider taking extra measures to ensure the project will not have a lasting detrimental effect on any parties involved. In an industry that has inherent risk involved, employers must make decisions based upon how potential projects can tangibly benefit employees and clients alike.
Madden Industrial Craftsmen has years of experience in employer and candidate relations, and is continually committed to delivering the best service possible. Contact us today to learn more about how we can help your company continue to grow!